Blackstone has purchased the Cascade Wellness resort in Lagos, Portugal through a Luxembourg based subsidiary, Magma Pledgeco. Reports in the Portuguese press suggest Blackstone paid €50 million.
The acquisition encompasses all shares of Cascadeinvest and Sunseasand, which were bought from Fliptrel Portugal.
Located close to the Dona Ana beach, the five-star resort has 164 rooms and apartments, three restaurants and two bars, as well as three pools, a spa, two tennis courts and a gym. The resort also has meeting rooms with a 500 person capacity, a multi-use room and a kid’s club.
Cascade Wellness reopened in 2019 following a €6 million refurbishment project which lasted two years and was part financed by Portugal 2020.
Hospitality Investor understands that the property will be managed under Blackstone's pan-European resort platform – Hotel Investment Partners (HIP) – which has 73 hotels.
Why it matters
This acquisition further expands Blackstone’s presence in Portugal with two hotels now in the Algarve. One of Blackstone’s assets in the region is the Domes Lake Algarve, which it bought in 2020. Portugal continues to be an attractive investment destination, and according to research from Cushman & Wakefield, five-star establishments are expected to make up 48% of hotel room supply over the next three years.
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